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Article Highlights: Section 179 Expensing Bonus Depreciation Vehicle Depreciation New Filing Due Dates Work Opportunity Credit Research Credit Tax legislation passed late in December 2015 (the Protecting Americans from Tax Hikes Act) extended a number of favorable business provisions and made some others permanent. The provisions can have a significant impact on a

Article Highlights: Trump’s Proposed Tax Policies Consolidated Tax Rates Increased Standard Deductions Comparison Worksheet Other Factors One topic that is frequently being discussed is what the future holds for individual taxation under incoming President Trump. Numerous blog entries have been posted on the issue; many proclaim that the wealthy will be the beneficiaries

Article Highlights: Independent Contractors 1099 Filing Requirement Due Dates Penalties Form W-9 and 1099 Worksheet If, in your business, you engage the services of an individual (independent contractor) other than one who meets the definition of an employee and you pay him or her $600 or more for the calendar year, you are

Article Highlights: 2017 Social Security Benefits Increase Increased Social Security Tax on Earnings Social Security Cost of Living Cost of Medicare Insurance The Social Security Administration (SSA) announced that Social Security (SS) benefits will be revised for a cost-of-living adjustment (COLA) increase of 0.3% in 2017. While this is better than the 0%

Article Highlights: 2017 Standard Mileage Rates Business, Charitable, Medical and Moving Rates Important Considerations for 2017 Switching Between the Actual Expense and the Standard Mileage Rate Methods Employer Reimbursements Special Allowances for SUVs As it does every year, the Internal Revenue Service recently announced the inflation- adjusted 2017 optional standard mileage rates used

JANUARY 2017 INDIVIDUAL DUE DATES January 10 – Report Tips to Employer - If you are an employee who works for tips and received more than $20 in tips during December, you are required to report them to your employer on IRS Form 4070 no later than January 10. January 17 – Individual